The U.S. Treasury sanctioned nine firms and four people linked to Iranian financier Babak Zanjani, targeting Iran-based Dot One operations, firms in Turkey and the UAE, and two U.K. crypto exchanges it says routed more than $94 million to IRGC-linked wallets. The Treasury said the action aims to cut off financial access to corrupt Iranian elites; Zanjani denies the allegations. Lawmakers are also considering adding Iran penalties to a Russia sanctions bill ahead of the Senate recess.
U.S. Treasury Sanctions Network Linked to Iranian Billionaire Babak Zanjani — Nine Firms, Four People Targeted
New US sanctions target billionaire Iranian financier Babak Zanjani
The U.S. Treasury Department announced Friday it is imposing sanctions on nine firms and four individuals tied to Iranian financier Babak Zanjani, accusing them of attempting to evade existing U.S. sanctions and of supporting designated digital-asset platforms.
Details of the Sanctions
The measures target Iran-based entities within Zanjani's "Dot One" conglomerate, several firms operating in Turkey and the United Arab Emirates, and two U.K.-registered cryptocurrency exchanges. Treasury officials say the moves are intended to deny corrupt Iranian elites and their facilitators access to international financial networks.
Notable targets include Dot One Value — which the Treasury says Zanjani still controls and which operated in logistics, telecommunications, aviation, transportation and digital assets — and Dot One Gold Company, described as a gold-bar minter and producer. The Treasury also named two U.K. crypto exchanges, Zedcex and Zedxion, which it says helped process more than $94 million routed to wallets associated with the Islamic Revolutionary Guard Corps (IRGC).
"The Iranian regime continues to pay a steep economic price for its reckless behavior, with the rial plunging to another record low and inflation up massively," Treasury Secretary Scott Bessent said. "Under President Trump's leadership, Treasury will continue cutting off economic access for corrupt Iranian regime elites, along with their financiers and facilitators."
The Treasury statement further alleges links between some listed companies and Zanjani's sister, Bahareh Morteza Zanjani, and his partner. Dubai-based BZ Diamond FZCO — run by Zanjani's sister — was identified as promoting tokens, non-fungible tokens (NFTs) and other digital assets that allegedly supported the exchanges.
Zanjani has denied the allegations, calling the claims a "fake report," and specifically denied using cryptocurrency platforms to transfer assets to the IRGC, according to the Wall Street Journal.
Political Context
The sanctions come as Senate Majority Leader John Thune (R-S.D.) said he plans to seek additions penalizing Iran on a Russia sanctions bill and is pushing to move the legislation before the Senate recess beginning Aug. 7.
What Happens Next: Sanctions typically freeze U.S. assets and bar U.S. persons from dealing with the designated entities; they may also deter banks and service providers worldwide from engaging with those parties.
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